DURHAM, N.C.–(GLOBE NEWSWIRE)–Square 1 Financial, Inc. (Nasdaq:SQBK) (“Square 1”) today announced the closing of its initial public offering of common stock. Square 1 sold a total of 3,125,000 shares of Class A common stock and selling shareholders sold a total of 2,206,126 shares of Class A common stock and 450,000 shares of Class B common stock. The Class B common stock converted to Class A common stock upon sale in the offering.
The common stock is listed on the NASDAQ Global Select Market under the symbol “SQBK” and began trading on March 27, 2014.
The underwriters have an option to purchase up to an additional 867,167 shares of Class A common stock at the initial public offering price less the underwriting discount, within 30 days from the date of the offering. Of the 867,167 shares subject to the underwriters’ option, 468,750 shares would be purchased from the Company and 398,417 shares would be purchased from the selling shareholders.